It was reported recently that Washington DC had 17% of all real estate purchases written as “All-Cash” deals in 2019. Washington DC does have one of the nation’s best real estate markets for sure and there are many cash deals, but that number can be deceiving. It is best to understand what is meant by “All-Cash”.
There are two types of “All Cash” deals. One is easy; it is when liquid assets are wired to the settlement company and a property is purchased with real cash. There is a second type of “All Cash” deal where a property is paid with financing. This occurs when a Buyer might be competing in a multiple-offer situation and they need their offer to stand out in the crowd in order to win. An offer is written as “All Cash” but the Buyer really gets financing on the home. The purchaser knows they can get financing and doesn’t make the offer contingent on any financing or appraisals. They win the house and still get financing.
The Kimberly & Daryl Team has a much higher percentage of “All-Cash” deals. 52% of our contracts in 2019 were written as “All Cash” because they had No Financing Contingencies. 35% of our deals were purchased with actual cash.
What does this mean for you? If you are Selling your home, Washington Fine Properties and The Kimberly & Daryl Team have greater access to Buyers who are solid financially though our networks and client sphere. Our Buyers are more than 50% likely to be able to purchase a home with no contingencies.
If you are a Buyer you may not have the funds to buy a house with all cash. Most of our Buyers don’t have large amounts of cash to pay outright on a home purchase, and in fact, 65% of all our deals in 2019 were financed. The Kimberly and Daryl Team are the gold standard in Buyer representation and know how to win homes in a competitive market even when their Buyer can’t pay as an “All Cash” offer.
Purchasing a home is one of the largest financial decisions you will ever make. It is in your best interest to work with skilled professionals in order to protect yourself and make smart business decisions. Mastering financing strategy is just one of the ways we create successful results for our clients. If you want to win the dream house you’ve always wanted, The Kimberly & Daryl Team will make it happen.